At the center of the foreclosure fraud crisis lies something called "MERS," which is usually described in news reports as a computer system and database. But a thorough review of the company's publicly available documents show it's much more than that. We reviewed hundreds of pages of bulletins, newsletters, and manuals, along with PowerPoint presentations, user forums and other website material and several hours of training videos and other recordings. This is the first of a series of reports on what we found.
As the following images show, MERS is a nebulous, database-driven entity created by the mortgage industry . It's designed to let lenders swap mortgages electronically without being slowed down by inconvenient courtroom rules. MERS is "Digital Life" for mortgages, an electronic shell game that makes it hard to track the real party behind a loan.
The company's own publicly available documents paint the picture of a legal shapeshifter that appears before the court as the lender and title holder, then morphs itself into a mere service organization when it's time to take responsibility. more »
Help us spread the word about these important stories...
Bookmark/Search this post with: